The financial crisis in the age of financial virtualization is more and more derived from its micro- foundation of economy, and self - circulated inside the financial system. Owing to the openness of the banking industry, the native bank will lose its Franchise Values that will bring about much frangibility of banking industry in the host country. The abruptly reversal of the floating direction of international hot money can solely give rise of the currency crisis that easily propagates to be the all - round financial crises in the liberalization process of the capital account, The overflow of international hot money is attribute to the over - supply of international reserve currency by those key supplying countries that perform an expending monetary polices for a long term, and the developing strategy of export leading economy in the emerging market conntries provides an capital - dependent path of economic growth for the international hot money. At a sense of the sovereignty, Claim should continuously take on strictly control over the international hot money, and at least avoid the exogenous crisis in the near future. However, the thorough transfomation of the traditional model of economic growth, which can weaken the external capital -dependent of economic development, is the fundamental way for Chinag evasion of exogenous crisis.